The One Thing You Need to Do When You Move That Most People Forget

Have you moved to North Carolina or South Carolina from somewhere else or changed locations within the state? Moving is one of the most stressful life events, and with good reason: so many of the things you take for granted in your regular routine change!

It’s a struggle just getting settled into a new home– finding everything, unpacking and getting organized– and it’s even harder if you don’t know your way around and have to find new sources for the services and supplies you need.

If you have finally gotten most of that figured out, congratulations! If not, keep at it– you’ll get there soon. The hardest part is over, but don’t put your life back on autopilot just yet…

There’s One More Thing You Need to Do: It’s Time to Update Your Financial Plan

When you move, many of the underlying assumptions in your current financial plan may have changed. You need to update it now, especially if you are in a new state or have a new job.

If you don’t have a financial plan, there’s no better time to make one; the process is much easier if you set it up now while the information you need is fresh in your mind. And if you automate as much as possible, you can rest easy knowing you’ve taken care of all of the essentials since the move and are making progress toward your financial goals.

… Or you will be, just as soon as this one last thing is done.

What Parts of Your Financial Plan Are Impacted When You Move?

  • Your Income

    If you have a new job and your income has changed, you need to update your financial plan— your income is the foundation on which your plan assumptions are based.

  • Your Budget

    Your living expenses will likely be different– you have a new home, and the cost of living here may be more or less than what you are accustomed to.

  • Your Retirement Savings

    If you have a new employer, you may want to move your 401(K) to an IRA to save on administrative costs or expand/improve your investment options.

  • Your Will

    If you have moved to another state, different laws apply, so your will and other estate planning documents will need to be updated.

  • Your Tax Planning

    In your new location, your taxes will likely change– rates vary by state, and local or other taxes may now apply (or may no longer apply).

Because so many things may have changed, especially if you moved to a different state, it’s always a good idea to revisit your financial, retirement, estate and tax planning after a move. Even if you haven’t changed your state of residence, it’s a good idea to treat your move as a life status change and revisit your financial and other plans.

You will have to update your address on all of your accounts anyway now that you’ve moved to North Carolina, so you may as well spend a little more time and review them now to make sure they are up-to-date for your current income and family status, and that they accurately reflect your current goals.

You may be surprised at how much has changed since your last review. And if you never completed a full financial plan before, there’s no better time than the present to start your life in your new location off right, with a fully thought-out plan for your future.

Request Our Free Guide: Managing Your Financial Life

Managing Your Financial Life guide cover

To help you start life in your new home after you’ve moved to North Carolina with a financial plan that lays a solid foundation for your financial future, we offer a free guide, Managing Your Financial Life.

The guide includes handy tips and checklists to help you get organized and make key decisions about the building blocks upon which you will build to pursue your long-term financial goals:

  • Lifestyle choices
  • Managing your money
  • Growing your money
  • Retirement and estate planning
  • Interactive budget worksheet
  • List of key personal/business documents with space to note where they are stored

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If you’ve moved to North Carolina or South Carolina or changed location within the state and want to speak with an advisor, to discuss the particulars of your financial plan and make sure you have included everything so you can move forward with confidence, please contact us to schedule a confidential consultation.

We’ll be glad to help you make sure you’re on track to succeed and fully up-to-date for life in your new home. If you’re new to North Carolina, welcome!

Tools and Resources

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Change your address with the USPS

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